Social Security Won't Be There For Me . . .
I hear this all the time-- especially from twenty somethings. Newsflash-- it will be there! Yes, it will be there, but it won't be what it used to be or what you expected.
I firmly believe the politicians will never be able to take this one back. However, they will take it back with some slight of hand. I believe they will take it back by stretching the eligibility age (they are already doing this one) and taxing it (they are already starting this one too) as well as taxing other assets and income. In one pocket and out the other . . .
So have no fear my young friends, you'll work many years beyond age 65, and you will pay more taxes than any other generation, but you will get your social security.
Moral of this story-- have a backup plan. In other words, you will need other assets and income because it will be up to you.
Categories: Personal Finance, TAXES, Self Sufficiency
Tags: Personal Finance Self Sufficiency Taxes
Anyone's crystal ball is as good as anyone else's when it comes to Social Security. As a rule for me, I don't count on it at all - I assume it will not be there.
To do otherwise is foolish because in the 1960s the Supreme Court of the United States ruled that Social Security was just like any other tax - it can be used by Congress as they see fit. And, you know what happens when people get a hold of someone else's money, especially if those people are in Congress.
The smart move is, as you said, have a backup plan. For me, that means making my own retirement revenue streams that will replace and outpace whatever I might expect from Social Security.
Our late great friend George Carlin said: "My first rule is I never believe anything the government tells me." My first rule is I don't count on the government at all - I count on me.
Clair
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